
The Bank of England’s take on the contribution of AI to UK growth this year: “novel AI-related activity accounts for just under a fifth of GDP growth since the start of 2026. The contribution to growth from AI to date appears to reflect activity in the upstream development and implementation of AI technologies rather than broader gains from their adoption elsewhere in the economy. This is consistent with the impact on
productivity having been relatively small so far”. In other words, there is a lot of spending on AI in the UK but no evidence so far that it is being used to make businesses significantly more efficient. There is obviously going to be a lag before we see productivity gains. It is super unclear how long that lag will be Bank of England
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The contribution to growth from AI to date appears to reflect activity in the upstream
development and implementation of AI technologies rather than broader gains from
their adoption elsewhere in the economy. This is consistent with the impact on
productivity having been relatively small so far Bank of England
Page 50
The contribution to growth from AI to date appears to reflect activity in the upstream
development and implementation of AI technologies rather than broader gains from
their adoption elsewhere in the economy. This is consistent with the impact on
productivity having been relatively small so far